Nigeria: Market for Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium 2024

Market Size for Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium in Nigeria

In 2021, the Nigerien aqueous paint and varnish market decreased by -2.6% to $X for the first time since 2018, thus ending a two-year rising trend. In general, consumption, however, posted a resilient expansion. Over the period under review, the market hit record highs at $X in 2020, and then reduced slightly in the following year.

Exports of Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium

Exports from Nigeria

In 2021, shipments abroad of paints and varnishes dispersed or dissolved in an aqueous medium decreased by -45.5% to X tons, falling for the seventh consecutive year after three years of growth. Overall, exports continue to indicate a sharp curtailment. The growth pace was the most rapid in 2013 with an increase of 17% against the previous year. Over the period under review, the exports hit record highs at X tons in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, aqueous paint and varnish exports fell notably to $X in 2021. In general, exports continue to indicate a sharp curtailment. The smallest decline of -0.2% was in 2014. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Benin (X tons) was the main destination for aqueous paint and varnish exports from Nigeria, with a 60% share of total exports. Moreover, aqueous paint and varnish exports to Benin exceeded the volume sent to the second major destination, Niger (X tons), threefold. Ghana (X tons) ranked third in terms of total exports with an 8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Benin stood at -26.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Niger (-19.6% per year) and Ghana (-36.7% per year).

In value terms, Benin ($X) emerged as the key foreign market for paints and varnishes dispersed or dissolved in an aqueous medium exports from Nigeria, comprising 56% of total exports. The second position in the ranking was taken by Niger ($X), with a 28% share of total exports. It was followed by Congo, with an 8.4% share.

From 2012 to 2021, the average annual growth rate of value to Benin totaled -21.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Niger (-9.7% per year) and Congo (+107.8% per year).

Export Prices by Country

The average aqueous paint and varnish export price stood at $X per ton in 2021, rising by 13% against the previous year. In general, export price indicated strong growth from 2012 to 2021: its price increased at an average annual rate of +5.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, aqueous paint and varnish export price increased by +89.8% against 2014 indices. The most prominent rate of growth was recorded in 2018 an increase of 31% against the previous year. The export price peaked in 2021 and is likely to continue growth in years to come.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was Niger ($X per ton), while the average price for exports to Ghana ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Congo (+26.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium

Imports into Nigeria

In 2021, supplies from abroad of paints and varnishes dispersed or dissolved in an aqueous medium decreased by -14.4% to X tons for the first time since 2018, thus ending a two-year rising trend. Over the period under review, imports, however, posted a tangible increase. The pace of growth appeared the most rapid in 2019 when imports increased by 81%. Over the period under review, imports reached the maximum at X tons in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, aqueous paint and varnish imports surged to $X in 2021. In general, imports, however, continue to indicate a tangible expansion. The growth pace was the most rapid in 2019 when imports increased by 49%. Imports peaked at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

South Africa (X tons), Turkey (X tons) and Sweden (X tons) were the main suppliers of aqueous paint and varnish imports to Nigeria, together comprising 50% of total imports. These countries were followed by China, Hong Kong SAR, India, Switzerland, Portugal, South Korea, the United Arab Emirates, the UK, Italy and Egypt, which together accounted for a further 31%.

From 2012 to 2021, the biggest increases were recorded for Switzerland (with a CAGR of +81.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, South Africa ($X) constituted the largest supplier of paints and varnishes dispersed or dissolved in an aqueous medium to Nigeria, comprising 48% of total imports. The second position in the ranking was held by Sweden ($X), with an 11% share of total imports. It was followed by Turkey, with a 5.6% share.

From 2012 to 2021, the average annual growth rate of value from South Africa stood at +40.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Sweden (+56.9% per year) and Turkey (+50.2% per year).

Import Prices by Country

The average aqueous paint and varnish import price stood at $X per ton in 2021, growing by 42% against the previous year. Overall, the import price, however, showed a slight decline. Over the period under review, average import prices reached the maximum at $X per ton in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was South Africa ($X per ton), while the price for Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+10.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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